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Show METAL PRICES Tot Information Coppei 33 Lead IS Zinc 11 Yz Vol. On Stocks Uranium and Mining 26; No. 8 Salt Lake City. Utah, February 22, 1355 At Ace 62 Y& v .id, Utah National, .an and Atomic Combine $3.00 200 Tons OSd ym'n9 mpany Uranium Pioneer Died Here Sundr One Year Of .78 Ore Stock Piled jtkholders of four uranium mining companies approved merger of their respective companies Feb. 15, into a new cor- poration, called Sterling Uranium Corp., which will be one of d the few companies that can boast a producing uranium mine. newly-enlarge- Atomic Uranium Inc., Red Man Uranium Co., Trans World Uranium Corp., and Utah National Uarnium Mining Co. are the four groups which will comprise Sterling Uranium Corp. Voting of the stockholders wa overwhelmingly in favor of the tour parent companies were pickmerger, according to officers of ed for the Board of Directors of the four companies. Sterling. The new company, a Utah corThe new board will be comporation, owns or has interest in posed of John A. Chambers, pres42000 acres of very fine uranident; C. E. Hicks, vice president; ium claims, officials said. In ad- Gordon L. Weggeland, vice presdition, the company is fully ident Louis D. Tannenbaum, secequipped for mining work, and retary, and William B. Feinberg, is already taking ores from its treasurer. producing property located just Mr. Chambers is a graduate over the Utah border in Apache mining engineer, and was largely County, Arizona. responsible for the increased Trans World took over the pro- production of the Arizona mine, ducing property, located on a while it was operated by Trans Navajo Indian reservation, on World. He is the former president August 1, 1954. In just one month, of Trans World. the company pulled out 200 tons As president of Sterling, Mr. of uranium and vanadium bear- Chambers will be in charge of ing ores. Each month production has increased, according to officers of Sterling. In the last 15 days of January, the company mined 400 Ned J. Bowman tons of ore, and Sterling officialr of 700 to 800 expect The death Sunday night of Ned tons of production commercial ore in FebJ. Bowman, President and Foun- ruary. The Sterling mine directly adder of the Ned J. Bowman ComMonument No. 2, largest joins pany, 10 West 2nd South, marks on the uranium producing the passing of one of the pioneers Colorado Plateau. mine of the uranium industry of Utah. The Vanadium Corporation of America Mr. Bowman, in cooperation operates Monument No. 2. which, was featured in the Janwith three of his sons, succeeded in having the first uranium stock uary issue of Uranium Maga- issued under the long form reg- zine. istration issued in New York Currently, mining on the Sterl1954 for what is now the ing property is in underground City in famous Standard Uranium Cor- drifts on one level. There are poration, with which Charles definitely two, maybe three levA. Steen is prominently identi- els, of ore on the property, acfied. cording to Louis D. Tannenbaum, 19 Mr. Bowman was President of the Utah State Real Estate Assn, Hepburn T. Armstrong of Lander, Wyoming, President of Wyoming Uranium Corporation was a recent visitor in Salt Lake. He said his company now has 200 tons of .78 ore stock piled, awaiting the opening on March mining operations. Mr. Hicks is former president 1 of the new Riverton ore buyof Atomic, Mr. Weggeland of Red ing station. Man. and Mr. Feinberg is former Wyoming Uranium stock is secretary of Utah National. at three cents. Mr. ArmConversion rate of stocks will selling be: Red Man, 10 shares for 1 strong pointed out there are not Sterling;Atomic, 8 3 for 1 Sterling; Utah National, 1 share for 1 Sterling, and Trans World, 1 share for 1 Sterling. The new 25 cents stock is 6 Sun Uranium Announces non-assessab- le, par value. In February, prior to the merger, Atomic was trading at apRed Man at approximately 3 3 and Utah Naproximately 3-- Funeral services will be held 2 oclock Thursday atemocn. Burial will be in Sunset Mausoleum, 2350 East 13th South. at the Elks Lodge at 50-5- 0 Profit Agreement 4 1-- 4, tional at approximately 30 cents. Trans World was not traded in this area. A merger report is being prepared for stockholders, giving all details of the new company and instuctions on how to trade origof inal stock for Sterling stock. Sterling. Secretary Individual companies will be The company proposes to mine on two levels, open pit and un- traded by local brokers until Sterling announces a close-of- f derground as soon as possible. Representatives of each of the date late in February. vice-preside- nt Born at Ogden, June 28, 1892. Mr. Bowman was 62 years old. He is survived by his widow, Rachel R. Herrick Bowman, a daughter, Mrs. Marion Thomas and three sons, Jack H., Ramon N., and Ralph Bowman. many small uranium companies whose stock is still at the offering price who are actually mining ore which is the situation of Wyoming Uranium. Trading in the stock will begin early in March, he said. Wyoming is the only uranium issue that has been cleared to the public in the state of Virginia, he said. The companys claims are located 50 miles from 1-- and past Vice Pres, of the National Assn, of Home Builders as well as a director of the Salt Lake City Apartment House Assn. He was also a member of the Realtors legislative committee at Washington, D.C., having appeared before the investigating committee on home building. Above is a scene ai He was originally Trans - World Uranand first Utah member of ium Co's. Uranium the National Assn, of Industrial Realtors. Mr. Bowman actually Mine., at.. Apache promoted and completed organ- County. Arizona, ization of the Lost Dutchman .vhere workmen are Uranium Corporation. Through his connections in the East, he loading truck with was influential in handling part ore. of the arrangement of the Standard Uranium deal. in-194- at the Western Above (right) is 100 tons of .78 ore stock-pile- d of Uranium Company mine Wyoming Uranium Company 50 miles north of Lander, Wyoming. A working agreement is disclosed between Sun Uranium Mining Company and Standard Ore and Alloys Corporation of New York, whereby Standard is to do the drilling, exploration and mining of 126 claims near Lost Cabin, Fremont County, 50-5all expenses. Wyoming on a 0 profit split. Standard is to pay This announcement was made today by the Board of Directors of Sun, in the Companys first report to stockholders. Merger of the original Sun claims, do all the drilling, exCompany with East Lisbon, Cac- ploration and mining at its own tus and Bow Knot uranium com- expense, and split the profits with panies was completed November Sun on a 50-5basis. Operations 18, 1954. on this property will begin withSun has $236,026.34 cash in the in a short time after the contract bank, which with $28,500.00 is signed. Standard is so imworth of securities and $25,000.00 pressed with this property that in accounts receivable provides the terms of the working agreetotal assets of $289,526.34. Stand- ment given to Sun is more favard Ores and Alloys is a major orable than a generally accepted eastern money organization. working agreement offered by The new Sun has 350 claims in other mining concerns. Utah Utah and Wyoming. It has an Moab Claims Sun has just leased four authorized capitalization of shares of a par value of 50 claims out of the group of 51 cents and has 2,300,000 shares Moab Claims to Indian Queen Consolidated Mining Comnany of stock outstanding. As a result of the November for a cash consideration with an merger, the Company reports overriding royalty reserved to e Sun. Indian Queen is now movownership of a far flung of uranium claims which ing upon the property and will includes the following in various mine uranium ore that has been areas of Wyoming; Utah and blocked out on these claims. Indian Queen has an option to buy Arizona: Fremont County Claims Wythis group of claims for oming: Utah A working agreement is now Lisbon Valley Claims Sun has just finished an applibeing drawn between Sun Uranium Mining Company and Stand- cation for a loan of $200,000.00 ard Ore and Alloys Corporation from the Government for the of New York, whereby the lat- purpose of drilling and explorter company will take over our ing the companys Lisbon Valley 126 claims located near Lost claims. The company has recentCabin, Fremont County, Wyom- ly acquired an additional 42 ing on a working agreement. claims from New Park Mining Standard will take over the (Continued on Page 2) 0 em-Dir- $25,-000.0- 0. Berylium Strike has Sun Has The Cash The strong cash position of Sun Uranium, plus intelligent and its recent Stockholders of U. S. Uranium management, are looking for a big play in the agreement with Standard Ores Companys stock. Optimism is and Alloys for drilling and exbased on reports of discovery of ploration on a 50-5- 0 basis, all add rich berylium deposits and acqui- up 3 make a worth-whil- e sition of claims in Arizona. Been Reported |